According to CryptoPotato, the cryptocurrency market has seen significant volatility in the past few days, with most coins attempting to recover from earlier declines. Ripple (XRP) and Shiba Inu (SHIB) are among the cryptocurrencies that have been affected.
Ripple's trading volume saw a substantial increase earlier in the week amid market turbulence. Currently, it is trading at a 5.7% loss for the week, around $0.47. Ripple Labs is currently involved in a significant case against the United States Securities and Exchange Commission (SEC), which is seeking a fine of over $100 million for the company's alleged failure to register its sales of XRP as securities. Ripple, however, contends that XRP does not meet the criteria of being a security. An AI-powered language model, ChatGPT, suggested that the price of XRP would likely have been higher if not for the lawsuit, considering factors such as market sentiment, adoption, and use cases. Despite the ongoing uncertainty, XRP's market depth has remained steady.
Shiba Inu, on the other hand, experienced a more significant decline, trading at an 8.5% loss for the past week. SHIB's trading volume also increased significantly, soaring by more than 100%. Data from Shibburn reveals that the cryptocurrency's burn rate has declined by more than 53% over the past 24 hours, resulting in about 9 million SHIB tokens being destroyed.
In other news, WikiLeaks’ co-founder Julian Assange has returned to Australia as a free man. He required $500,000 to cover his jet fare, and a mystery donor sent exactly $500K in BTC to his address. Speculation suggests that the donor may have been Jack Dorsey, Twitter’s co-founder, who tweeted “Safe passage through” at the same time the donation was made.